India's Mahindra Q1 net falls 16.8 pct, lags f'cast


MUMBAI, July 30 (Reuters) - Mahindra & Mahindra Ltd , India's top utility vehicle and tractor maker, on Wednesday reported an unexpected 16.8 percent drop in quarterly profit, hurt by high raw material costs and a losses on foreign exchange. Mahindra, which aims to enter the United States with a pick-up truck and a sport utility, said net profit was 1.59 billion rupees ($38 million) in the fiscal first quarter to end-June from 1.91 billion reported a year earlier. That lagged a ...

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